James McNerney and 3M: Making a Good Company Better?
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Case Details:
Case Code : LDEN047
Case Length : 19 Pages
Period : 2001-2006
Pub Date : 2007
Teaching Note : Available
Organization : 3M Company
Industry : Diversified
Countries : USA
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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3M's New CEO Contd...
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In addition to this, the company's financial performance was also lackluster. It
was widely believed that although 3M was still a good company, it was losing its
edge in the market. Therefore, when McNerney's appointment was announced,
analysts expected that a CEO from outside the company would bring about some
much needed change at 3M.
As CEO of 3M, McNerney introduced elements of financial discipline and quality
control, and brought in a greater degree of customer orientation to the
company's research efforts. He was also credited with introducing some changes
for the better in 3M's acclaimed culture.
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During his stint at the company, McNerney was reportedly popular with 3M's
board and employees, which surprised some analysts, as he was an outsider
and had made several somewhat radical changes at the company.
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When McNerney left 3M, it was thought that he would be a tough act to
follow.
3M's board, however, expressed its confidence in Buckley as the
company's next CEO.
"George Buckley is a proven CEO with a terrific blend of strategic, business
and analytical skills, and an excellent record of driving both sales growth
and operational efficiency in a wide range of global businesses. His
strengths complement perfectly 3M's culture of innovation and operating
effectiveness," said a spokesperson for 3M.5 |
Background
The Minnesota Mining and Manufacturing (informally known as 3M)6 was formed in 1902 by five entrepreneurs hailing from different backgrounds (a lawyer, a doctor, two railroad executives, and a meat market businessman) at Two Harbors in Minnesota. The company's original business objective was to mine and market a relatively rare mineral called corundum, which had a good market as an abrasive. In mid-1902, after selling only one load of the mineral, the five partners incorporated their company...
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